{"id":1961166,"date":"2023-06-30T07:36:06","date_gmt":"2023-06-30T11:36:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-gop-rejects-socialist-mortgage-rule-but-that-wont-stop-biden-from-taking-your-money-for-equity\/"},"modified":"2023-06-30T07:41:33","modified_gmt":"2023-06-30T11:41:33","slug":"house-gop-rejects-socialist-mortgage-rule-but-that-wont-stop-biden-from-taking-your-money-for-equity","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-gop-rejects-socialist-mortgage-rule-but-that-wont-stop-biden-from-taking-your-money-for-equity\/","title":{"rendered":"GOP Rejects Socialist Mortgage Rule, Biden Still Pursues &#8216;Equity&#8217; Taxation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhouse-gop-rejects-socialist-mortgage-rule-but-that-wont-stop-biden-from-taking-your-money-for-equity%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1961166&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"article-content\">\n<p>American homebuyers can breathe a little easier, at least for now. Last Friday, the House of Representatives passed a Republican-led bill to reverse President Joe Biden\u2019s socialist mortgage rules \u2014 the latest item of his administration\u2019s <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/presidential-actions\/2021\/01\/20\/executive-order-advancing-racial-equity-and-support-for-underserved-communities-through-the-federal-government\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u201cwhole-of-government equity agenda\u201d<\/a> to fight \u201csystemic racism\u201d and \u201caffirmatively advance equity, civil rights, and racial justice.\u201d<\/p>\n<p>Biden\u2019s Federal Housing Finance Agency (FHFA), which oversees federally backed home mortgage companies Fannie Mae and Freddie Mac, instituted new mortgage rules on May 1 that penalize responsible homebuyers to subsidize high-risk \u2014 especially minority \u2014 borrowers. Under the new rules, borrowers with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-are-borrowing-more-than-ever\/\" title=\"Americans Are Borrowing More Than Ever\">good credit scores<\/a> and larger down payments have been saddled with higher monthly mortgage payments so that borrowers with poor credit scores and smaller down payments can receive better rates.<\/p>\n<div class=\"fdrlst__b89e9-paragraph-2-long d-flex justify-content-center\" style=\"margin-left: auto; margin-right: auto; text-align: center; \" id=\"fdrlst__b89e9-1642730215\">\n<div id=\"div-gpt-ad-1379703300879-0\" class=\"mb-30\"><\/div>\n<\/div>\n<div class=\"fdrlst__b89e9-f4eb3b7be466157809b5603e8e8be180 fdrlst__b89e9-paragraph-2\" id=\"fdrlst__b89e9-f4eb3b7be466157809b5603e8e8be180\"><\/div>\n<p>Under the new rules, a borrower with a credit score of about 640 will pay around $40 more per month on a $400,000 mortgage, and borrowers with even better credit scores or larger mortgages have seen their <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unconscionable-27-states-challenge-bidens-plan-to-punish-home-buyers-with-good-credit\/\" title=\"'Unconscionable': 27 States Challenge Biden's Plan To Punish Home Buyers With Good Credit\">monthly payments increase<\/a> by <a href=\"https:\/\/www.foxbusiness.com\/real-estate\/real-estate-expert-shreds-biden-rule-punishing-homebuyers-good-credit-madness\" target=\"_blank\" rel=\"noreferrer noopener\">$100 or more<\/a> (that\u2019s $36,000 or more over the course of a 30-year mortgage).<\/p>\n<p>The new rules came at a time of slowing housing markets and rising interest rates. Home sales are already depressed, and the critical spring and summer selling seasons have brought no signs of improvement.<\/p>\n<p>\u201cSubsidies for borrowers with low credit scores hurt the housing market and by extension all prospective homebuyers,\u201d warned David P. Goldman, a Washington fellow at the Claremont Institute\u2019s Center for the American Way of Life and former head of fixed income research at Bank of America, when asked to comment on the new rules.<\/p>\n<p>\u201cWhen the Clinton administration forced banks to lower mortgage\u00a0lending standards in 1998, it set in motion a housing bubble with its liars\u2019 loans, 5 percent down mortgages, and other abuses that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-gop-rejects-socialist-mortgage-rule-but-that-wont-stop-biden-from-taking-your-money-for-equity\/\" title=\"GOP Rejects Socialist Mortgage Rule, Biden Still Pursues 'Equity' Taxation\">benefited middle-class home-flippers<\/a> rather than minorities,\u201d Goldman continued. \u201cThe Biden administration\u2019s $3 trillion of handouts in 2021 set in motion an inflation that priced homes out of the reach of tens of millions of Americans, especially families with modest means and less-than-perfect credit. This measure is unfair, harmful to the housing market, and an insult to the vast number of Americans hurt by the administration\u2019s economic policy.\u201d<\/p>\n<div class=\"fdrlst__b89e9-c83dbd1868c54fecb7074166b8f708fb fdrlst__b89e9-paragraph-6\" id=\"fdrlst__b89e9-c83dbd1868c54fecb7074166b8f708fb\"><\/div>\n<p>Republican Majority Whip Tom Emmer, R-Minn., a cosponsor of the bill, gave Biden the benefit of the doubt by suggesting he might be \u201cunaware of what the [FHFA] policy really does.\u201d This, of course, is utter nonsense. The new FHFA rules are merely Biden\u2019s latest foray into the redistributionist politics of \u201cracial justice,\u201d and if the House bill clears the Senate, he very well may veto it.<\/p>\n<h2 class=\"wp-block-heading\">Biden and BLM\u2019s Greater Plan for \u2018Racial Justice\u2019<\/h2>\n<p>Biden and the Democrats have redefined equality to mean rewarding imprudence and punishing people who have followed the rules of our financial system. Under this twisted definition, redistribution of wealth becomes both a way to solidify political power and remake society. Organizations such as Black Lives Matter (BLM) have already proven just how successful brazen attempts to extort money can be. BLM <a href=\"https:\/\/twitter.com\/KatrinaLRogers\/status\/760146416089956352?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E760146416089956352%7Ctwgr%5E6b6dc1eb4c15e5406779186f190c25af36f5b3a1%7Ctwcon%5Es1_&#038;ref_url=https%3A%2F%2Fandscape.com%2Fwhhw%2Fblack-lives-matter-groups-release-demands%2F\" target=\"_blank\" rel=\"noreferrer noopener\">demanded redistribution<\/a>, and the Biden administration, which rode into the White House with BLM\u2019s help, has obliged.<\/p>\n<p>Lest we forget, in 2020 the BLM movement, with the help of its Democrat benefactors, culminated in the largest and most successful shakedown in American history.<\/p>\n<p>During the \u201csummer of love,\u201d as then-Seattle Mayor Jenny Durkan dubbed it, BLM rioters burned more than 200 cities and caused more than $2 billion in damages. A healthy civilization would have prosecuted and incarcerated them for their trouble, but \u201cour democracy\u201d is no such civilization. Instead, as shown by the Claremont Institute\u2019s <a href=\"https:\/\/dc.claremont.org\/blm-funding-database\/\" target=\"_blank\" rel=\"noreferrer noopener\">BLM Funding Database<\/a>, corporations pledged or contributed more than $97 billion to the BLM movement and its related causes.<\/p>\n<div class=\"fdrlst__b89e9-7f9ae1f4ce759b1db63afc2819e3a640 fdrlst__b89e9-paragraph-10\" id=\"fdrlst__b89e9-7f9ae1f4ce759b1db63afc2819e3a640\"><\/div>\n<p>Incredibly, our figure is conservative; a study by McKinsey &#038; Company, the famed consulting firm, found that corporations pledged about $340 billion to these causes. As a <a href=\"https:\/\/www.theguardian.com\/global-development\/2020\/oct\/13\/ending-world-hunger-by-2030-would-cost-330bn-study-finds\" target=\"_blank\" rel=\"noreferrer noopener\">point of reference<\/a>, that is $10 billion more than the German government says is needed to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ted-cruz-declines-to-answer-whether-hed-give-a-blow-job-to-end-world-hunger\/\" title=\"Ted Cruz Declines To Answer Whether He\u2019d Give A Blow Job To End World Hunger\">end world hunger<\/a>.<\/p>\n<p>BLM\u2019s brand of racial blackmail also resulted in new private-sector policies that satisfy many of their demands. These include the acceleration of corporate diversity, equity, and inclusion (DEI) and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/san-francisco-considers-axing-elections-director-for-being-a-white-man\/\" title=\"San Francisco Considers Axing Elections Director for Being a White Man\">discriminatory hiring programs<\/a> across the country.<\/p>\n<p>But more importantly, BLM\u2019s efforts informed Biden\u2019s decision to <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/presidential-actions\/2021\/01\/20\/executive-order-advancing-racial-equity-and-support-for-underserved-communities-through-the-federal-government\/\" target=\"_blank\" rel=\"noreferrer noopener\">center<\/a> his administration\u2019s activities on \u201cequity\u201d and \u201cracial justice.\u201d<\/p>\n<h2 class=\"wp-block-heading\">More Racial Socialism<\/h2>\n<p>An early example of Biden and the Democrats\u2019 racial socialism came when they passed the Emergency Relief for Farmers of Color Act, a $4 billion discriminatory <a href=\"https:\/\/publicintegrity.org\/inside-publici\/newsletters\/watchdog-newsletter\/bidens-racial-equity-black-farmers-of-color\/\" target=\"_blank\" rel=\"noreferrer noopener\">debt relief program<\/a> exclusively for black farmers.<\/p>\n<p><a href=\"https:\/\/www.americanprogress.org\/article\/advancing-equity-review-of-the-biden-administrations-efforts-in-its-first-year-to-implement-a-racial-equity-agenda\/\" target=\"_blank\" rel=\"noreferrer noopener\">More policies<\/a> have followed, including increased federal grant funding for \u201cpolice reform\u201d; prohibitions on federal law enforcement practices disfavored by BLM; updated, impotent guidelines for federal prosecutors; enhanced career pathways solely for black entrepreneurs; the advancement of racial \u201cequity\u201d in education and housing; actions to combat \u201cwhite supremacy\u201d and enhance voting access for minorities and other protected classes; and the <a href=\"https:\/\/www.democrats.senate.gov\/newsroom\/press-releases\/100-lifetime-judges-and-counting_senate-democrats-are-making-history-by-confirming-president-bidens-judicial-nominees-to-federal-courts\" target=\"_blank\" rel=\"noreferrer noopener\">race-based appointment<\/a> of federal judges.<\/p>\n<p>Biden has even gone so far as to make the promotion and advancement of <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/03\/31\/fact-sheet-biden-harris-administration-advances-equality-and-visibility-for-transgender-americans\/\" target=\"_blank\" rel=\"noreferrer noopener\">transgenderism<\/a> and the transing of children priorities of the federal government. Both are elemental to BLM\u2019s \u201cintersectional\u201d agenda, which states that the perceived injustices of various aggrieved categories of race, class, and sex coalesce.<\/p>\n<p>BLM may lament behind closed doors the institutionalization of their revolutionary movement by the ruling class, but it\u2019s hard to see the normalization of their agenda as anything other than a major victory for the radical left.<\/p>\n<p>That victory has come at the expense of everyday, law-abiding Americans. Democrats seek to take Americans\u2019 wealth and hard-earned privilege and redistribute them to their constituents, namely profligates and radical activists hellbent on undermining what remains of our constitutional order.<\/p>\n<p>Ultimately, the transfer of wealth and privilege from decent Americans to degenerates punishes virtue and rewards imprudence. Yet tragically, the Democrat\u2019s \u201creparative\u201d policies have become an omnipresent part of the U.S. economy and only continue to grow in prevalence and scope. The effects of these policies are undeniably disastrous to both the economy and America\u2019s social fabric. When will Americans finally stand up to such injustice?<\/p>\n<div class=\"fdrlst__b89e9-4e5823331674ac8d169b3d5fac3f6c31 fdrlst__b89e9-after-post-content\" id=\"fdrlst__b89e9-4e5823331674ac8d169b3d5fac3f6c31\"><\/div>\n<hr class=\"wp-block-separator\">    \t\t\t\t\t   \t\t\t\t\t\t\t\t\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>American homebuyers can find some relief as the House of Representatives recently approved a bill led by Republicans to overturn President Biden&#8217;s mortgage regulations. These regulations were part of his administration&#8217;s efforts to combat systemic racism and promote equity, civil rights, and racial justice. However, this reversal provides temporary respite for homebuyers.<\/p>\n","protected":false},"author":2149,"featured_media":1961167,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[],"class_list":["post-1961166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1961166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2149"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1961166"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1961166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1961167"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1961166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1961166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1961166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}